Increased demand from the US and the EU helped India's exports continue on the growth track for the fourth straight month. Exports posted a robust 13.47 per cent growth to $27.27 billion in October 2013 compared to a year ago.
A sharp fall in gold Imports during the month pushed overall imports down by 14.5 per cent to $ 37.82 billion bringing down trade deficit to $10.55 billion. Trade deficit in October 2012 was almost double at $20.21 billion.
"We are confident of reaching the export target of $350 billion this fiscal and significantly contain the trade deficit," Commerce Secretary S R Rao said addressing a press conference on Monday.
While exports have registered an increase across sectors, engineering goods have done specifically well in October posting a growth of 36 per cent to $ 35 billion. Petroleum exports fell to $ 5.4 billion during the month compared to $ 6.1 billion last year.
Gold and silver imports fell by 79.9 per cent during the month to $1.37 billion compared to $6.85 billion in October 2012 mostly due to an increase in import duties and other restrictions put in place by the Government.
Oil imports during October 2013 at $15.21 billion was 1.7 per cent higher than oil imports in October 2012. Non-oil imports during the month at $22.60 billion was 22.8 per cent lower than last year.
Exports during April-October period registered a growth of 6.32 per cent to $179.37 billion. Imports in the seven month period at $ 270 billion was lower by 3.8 per cent compared to the same period in the previous year.
Trade deficit in April-October 2013 at $90.68 billion was lower than $112 billion posted in the same period of 2012.
A sharp fall in gold Imports during the month pushed overall imports down by 14.5 per cent to $ 37.82 billion bringing down trade deficit to $10.55 billion. Trade deficit in October 2012 was almost double at $20.21 billion.
"We are confident of reaching the export target of $350 billion this fiscal and significantly contain the trade deficit," Commerce Secretary S R Rao said addressing a press conference on Monday.
While exports have registered an increase across sectors, engineering goods have done specifically well in October posting a growth of 36 per cent to $ 35 billion. Petroleum exports fell to $ 5.4 billion during the month compared to $ 6.1 billion last year.
Gold and silver imports fell by 79.9 per cent during the month to $1.37 billion compared to $6.85 billion in October 2012 mostly due to an increase in import duties and other restrictions put in place by the Government.
Oil imports during October 2013 at $15.21 billion was 1.7 per cent higher than oil imports in October 2012. Non-oil imports during the month at $22.60 billion was 22.8 per cent lower than last year.
Exports during April-October period registered a growth of 6.32 per cent to $179.37 billion. Imports in the seven month period at $ 270 billion was lower by 3.8 per cent compared to the same period in the previous year.
Trade deficit in April-October 2013 at $90.68 billion was lower than $112 billion posted in the same period of 2012.
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